A new report out from the Center for Financial Services Innovation confirms what many of us already know. Americans don’t save nearly enough money.
The report divides people into one of three categories: Financially Healthy, Financially Coping, and Financially Vulnerable. On the optimistic side of things, most people do not fall into the financially vulnerable category, which they define as people “struggling with all , or nearly all, aspects of their financial lives.” While only 17% of people fall into that unfortunate category, 55% of people are financially coping.
The main reason they give to explain why so many of us are not financially healthy is that we simply do not save enough of our money. We don’t make enough to save, or we spend on things we don’t need.
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